MFS Africa raises $100M Serie C to expand its financial services across Africa

MFS Africa has completed a $100 million Serie C raise through an equity and debt financing round. This marks a new milestone in the MFS Africa expansion plan after several acquisitions and investments in other fintechs in Africa. The round was co-led by highly experienced PE player AfricInvest FIVE alongside Goodwell Investments and LUN Partners Group who are both existing investors. Other participants are CommerzVentures, Allan Gray Ventures, Endeavor Catalyst, Endeavor Harvest, and ShoreCap III. Debt financing was further provided by  Lendable and Norsad.

MFS Africa delivers borderless interoperability payment schemes, borders and currencies. In the past year, MFS Africa accelerated its expansion efforts across Africa. The company further opened new offices in Kampala, Abidjan, Kinshasa, Lagos, and Nairobi notforgetting the headquarters in London.

The new funding will go towards strengthening the company’s Governance, Risks and Compliance functions as well as treasury and liquidity pool. MFS Africa will keep investing in fintechs across Africa’s payment infrastructure.

Dare Okoudjou, the CEO MFS Africa described the new fundraising round as a “further demonstrates our commitment and the scale of our ambitions.” AfricInvest is a pan-African platform with in-deptjh expertise in Africa’s financial sector making over 180 investments in over 25 markets.

Frankfurt-based CommerzVentures made its first investment in the round. This partnership ensures MFS Africa maintains closer links with EU financial institutions in strengthening the country’s financial services.

Julius Tichelaar, a Partner at AfricInvest FIVE pointed out that “ We are excited to join MFS Africa’s world-class management team on its mission and to support its growth journey.” Managing Partner at Goodwell Investments Wim van der Beek pointed out that “ We are delighted to co-lead their Series-C round together with AfricInvest FIVE.” Chairman at LUN Partners Group, Peilung Li, revealed that they are working with “MFS Africa to build cross-border payment gateways between Africa and China.”